LANXESS Invests $580M in North American Asset UpgradesLANXESS Invests $580M in North American Asset Upgrades
July 25, 2018
Specialty chemicals firm LANXESS plans to make investments totaling $580 million to upgrade its North American assets over the next five years, the company announced in a June 21 press release.
“North America and in particular the U.S. is a key growth market for LANXESS, where we have enlarged our footprint significantly with our recent acquisitions. Now we plan to upgrade our asset base there in order to leverage on its full potential,” Matthias Zachert, chairman of the board of management at LANXESS, said in a statement.
The firm said it has already invested $100 million in 2018, with $50 million going toward upgrades at the LANXESS site in El Dorado in the U.S., including improvements to the site’s bromine brine exploration network, infrastructure, and pipelines.
LANXESS’ decision to bolster its North American footprint comes after the firm’s 2017 acquisition of chemicals group Chemtura and its purchase of Solvay’s phosphorous chemicals business in 2018. Under the terms of the transaction with Solvay, LANXESS also acquired a production site in Charleston, SC.
With the transactions, the specialty chemicals firm now operates 24 production facilities in North America.
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